- The AVAX price has given a breakout from a bullish flag pattern at $35.72.
- Technical indicators summary suggested a positive signal in the current phase.
- The trading volume has increased by 49.34% in the last 24 hours.
Avalanche functions as a platform for decentralized applications and custom blockchain networks. It is a layer-one blockchain that rivals the Ethereum networks. It aims to unseat Ethereum as the most popular blockchain for smart contracts. This blockchain can perform a higher transaction output of almost 6,500 transactions per second without compromising scalability. The AVAX coin fuels the entire Avalanche ecosystem.
Avalanche Six-Month Returns Stands At 529%
The AVAX coin price has been on an uptrend since November 2023. It started a bullish rally, which surged over 280% to the $48.62 resistance level. Afterward, the price formed a bullish flag by making a correction and got a breakout at $35.72.
The maximum supply of the AVAX tokens is set to be at 720 Million. It makes Avalanche a deflationary cryptocurrency. The current circulation supply is 377 Million AVAX, with a current market capitalization of $21.774 Billion.
The Token Distribution of the Avalanche (AVAX) Crypto
The AVAX token is distributed in the following ways:
- 50.00% is allocated to Staking Reward
- 10.00% is allocated to Team
- 1.00% is allocated to Public Sale Option A1
- 8.30% is allocated to Public Sale Option A2
- 0.67% is allocated to Public Sale Option B
- 9.26% is allocated to Foundation
- 7.00% is allocated to Community & Developer Endowment
- 5.00% is allocated to Strategic Partners
- 3.50% is allocated to Private Sale
- 2.50% is allocated to Seed sale
- 2.50% is allocated to Airdrop
- 0.27% is allocated to the Testnet Incentive Program
Price to Volume and Social Dominance Analysis
The AVAX coin price has gained much appreciation in the current month, along with the social dominance and trading volume. Social dominance increased to 0.801%, and the volume has increased tremendously by over 3 Billion.
24-hour trading volume is at $3.34 Billion, ranked 9th among all the 9,163 active cryptocurrencies. The volume-to-market capitalization ratio (VMR) is at 15.71%, making it easier for AVAX to trade in exchanges.
Technical Analysis of the AVAX Coin
AVAX price has witnessed a golden crossover between the 50-day and the 200-day EMAs in November 2023. Subsequently, the 50-day EMA has been acting as a dynamic support for the Avalanche price.
The price has given a breakout from a bullish flag at the 35.72 level. Afterward, the price surged over 80% to the $65.49 level. It is facing resistance from $65.49 and is looking for a bullish correction. The price can tap on $44.34 before surging for the $65.49 resistance level.
The relative strength index (RSI) reflected a minor internal bearish divergence in the price momentum. It indicates neutrality in the current trading phase. The RSI is moving at 64.35 below the signal line.
Summary
Avalanche is an independent blockchain that works as a platform for dApps and custom blockchain networks. The current price is trading at $57.48 and looking for a bullish correction. The AVAX price will continue its rally toward the $75.00 level after making a major correction on the $44.34 POI.
Technical Levels
- Resistance Levels: $65.49 and $75.09
- Support Levels: $44.34 and $35.72
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. they do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.